Despite COVID-19, Fitch’s Ratings Sees Greek Economic Comeback

A shrinking economy and uncertainty over how long the COVID-19 pandemic will last hasn’t deterred Fitch Ratings from expecting a Greek recovery bolstered by the Next Generation European Union fund.

Greece still is on the hook for 326 billion euros ($393.14 billion) in three international bailouts to prop up an economy battered by years of wild overspending and patronage, payments to be made for decades.

But the ratings agency, during an online debate about the impact of the Coronavirus, was still heady about the prospects of a comeback for Greece even though there’s worry about what will happen with tourism, the main revenue engine.

The agency’s analysts stressed what matters most is not debt levels but debt momentum, and mainly the cost of servicing it, which in Greece as well as the rest of the bloc is low.

The agency also noted the constant support of the European Central Bank’s emergency bond buying program (PEPP) and the EU fund that provided 32 billion euros ($38.59 billion) in loans and grants to combat the pandemic’s effect.

The big question is the one that’s a constant in Greece, whether the government – in this case the New Democracy Conservatives – can channel the funds effectively and fast and also lure more Foreign Direct Investment (FDI) said Kathimerini.


ATHENS - Adding to its presence in Greece 15 years after jumping in, Google is planning more investments, including creating data centers, cloud services and applications based on Artificial Intelligence.

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A pregnant woman was driving in the HOV lane near Dallas.

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He wasn’t the first one to think about it but a humor columnist for POLITICO suggested - ironically, of course - that if Greeks want back the stolen Parthenon Marbles in the British Museum that they should just steal them back, old boy.

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